Back to guides

Before you cancel important insurances; STOP!

Clock Icon

2 min read

In times of financial hardship, it is tempting to cancel insurances for your life and your home. This is the very time that you may have the most need for these insurances.

Horizontal Rule
Mortgage IQ Team
Mortgage IQ team

Last updated: 25 January 2022

Things to consider before cancelling;

  • In light of the current climate many insurers are reviewing their policies and offerings; this may mean that, by cancelling your insurances, you may never be able to get the same cover as you had; either as comprehensive or for the same price
  • Can you afford NOT to have cover? What if something happens and you let your cover lapse, could you afford to stay in your home, support your children, keep up monthly payments on loans?
  • Why did you take the insurance in the first place? Reflect back on why the cover was important to you, why did you take it, are you willing to take the risk and let your insurances lapse?
  • Have you have a change in circumstances? Has your health deteriorated, have you become more high risk? If so any new insurance may be much more expensive and harder or impossible to get!
  • Am I paying for something else which may be a better option to cancel? We all pay for luxuries; TV, subscriptions, phone insurance; is anything more important that your life and your home?
  • Have I talked to an expert? There may be alternatives to cancellations, talk to a member of our team, they can review your options and help you make the best decision for you and your family.

If you are struggling then contact your IQ Adviser and they can review all the options available to you rather than just cancelling your insurance direct debits.

Some cover is better than no cover at all.

Contact us

Our team are here to answer your questions, explore your options and help you find the solution to your mortgage and protection needs..

Compare mortgage quotes

Have an initial look at some mortgage options, you can discuss these with one of our expert advisers who have top industry knowledge to help you navigate the mortgage minefield.

Compare

Mortgage Calculator

Use our simple mortgage calculator to see how much you could potentially borrow. Remember this is indicative only, speak to an expert adviser for a full calculation, specific to you.

Learn more

Stamp Duty Calculator

It is important to consider other costs. Stamp Duty is a tax you might have to pay if you buy a residential property or a piece of land in England and Northern Ireland. Use our calculator to find out how much this may cost.

Learn more
IQ & Co

Invested in you.

IQ&Co provide a wide range of services whether you are looking to build, grow, protect or preserve your wealth.